Merck & Co., Inc. today announced that it has successfully
completed the spin-off of 100 percent of the outstanding shares of Medco
Health Solutions, Inc. common stock to Merck stockholders. Shares of
Medco Health common stock have been distributed to Merck stockholders on
the basis of 0.1206 Medco Health common shares for each Merck common
share held on the record date, Aug. 12, 2003. As previously announced,
the spin-off is structured as a tax-free distribution to Merck
stockholders for U.S. federal tax purposes, except to the extent cash is
received in lieu of fractional shares.

"Together, Merck and Medco Health have enjoyed 10 years of
growth and success. As a subsidiary of Merck, Medco Health grew to
become the nation's leading pharmacy benefits management (PBM)
company, providing integrated prescription health care to 62 million
Americans. Medco Health increased revenues from $2.2 billion in 1992 to
$33 billion in 2002, and last year, filled or processed approximately
548 million prescriptions. By all measures, the acquisition of Medco
Health by Merck has been highly successful," said Merck Chairman,
President and Chief Executive Officer Raymond V. Gilmartin. "With
the spin-off, the market now has the ability to value each entity as
'pure plays' in their respective industries. We believe that
by establishing Merck and Medco Health as two separate companies, we
will enhance the potential for success of both businesses and, as a
result, increase shareholder value."

About Merck & Co., Inc.

Merck is a global research-driven pharmaceutical products and
services company. Merck discovers, develops, manufactures and markets a
broad range of innovative products to improve human and animal health,
directly and through its joint ventures. More information about Merck is
available at www.merck.com.

About Medco Health Solutions, Inc.

Medco Health is the nation's leading provider of prescription
healthcare services, based on $33 billion in sales in 2002. Medco Health
had been a wholly owned and independently managed subsidiary of Merck
and assists its clients to moderate the cost and enhance the quality of
prescription drug benefits provided to about 62 million Americans. More
information about Medco Health is available at www.medcohealth.com.

Forward-Looking Statements

This press release contains "forward-looking statements"
that involve a number of risks and uncertainties which may cause actual
results to differ materially from such forward-looking statements. These
risks and uncertainties include factors detailed from time to time in
Item 1 of our Form 10-K for the year ended Dec. 31, 2002, in our
periodic reports on Form 10-Q and Form 8-K (if any), which we
incorporate by reference. Forward-looking statements in this press
release should also be evaluated together with the disclosure regarding
the spin-off of Medco Health contained in Medco Health's Form 10
Registration Statement, as amended, initially filed as of May 29, 2003.

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